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Thursday 29 Oct 2015 - 14:00 Makkah mean time-16-1-1437
Dubai Islamic Bank. Imafe from Khaleej Times
Dubai, (IINA) - Dubai Islamic Bank (DIB) on Wednesday declared 43.6 percent increase in third quarter net profit and 36 percent for the first nine months of 2015 compared to same periods last year, Khaleej Times reported.
Beating analysts' forecasts, the Shariah-compliant lender reported a Dh972.1 million profit for September quarter compared to Dh676.8 million in the corresponding period last year.
EFG Hermes had forecast a net profit in the period of Dh949 million, while HSBC expected earnings of Dh900 million, according to Reuters.
Net impairment losses declined to Dh341 million for the period ending September 30, 2015 compared with Dh538 million for the same period in 2014, a clear sign of consistent improvement in asset quality.
With notable increase in net revenues and improved asset quality, the latter leading to declining impairment charges, net profit for the period ending September 30, 2015, rose to Dh2.8 billion from Dh2.1 billion for the same period in 2014, an increase by 36 percent.
The bank said its total income for the period ending September 30, 2015 stood at Dh5.53 billion from Dh4.6 billion for the same period in 2014, showing an increase of 20 percent. The increase is due to consistent growth in core businesses across all segments.
Deliberate focus on customer and multi-sector penetration has led to both consumer and corporate financing registering significant increase resulting in a rise in funded income by 25 percent over three quarters of 2014. Associated fees and commissions also registered an increase of 25 percent growing to Dh975 million compared to Dh780 million for the same period of 2014.
Net revenue for the period ending September 30, 2015 amounted to Dh4.79 billion, an increase of 19 percent compared with Dh4 billion in the same period of 2014 primarily on the back of strong growth in core business.
SM/IINA
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